Name: Report: Biden Plans to Enact Four Tax Increases to Fund Massive Spending Plans
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Report: Biden Plans to Enact Four Tax Increases to Fund Massive Spending Plans

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AdvertisementAdvertisementAdvertisementAdvertisementCorporations will be front and center as President Joe Biden seeks to raise taxes, according to a new report.According to , Biden will focus on four major tax increases as he looks for ways to fund infrastructure and social welfare programming. Collectively, the major areas would provide $1.8 trillion toward spending plans that range from to $5 trillion.The biggest hit will be an increase in the corporate tax rate from 21 percent to 28 percent. The increase would raise $730 billion over 10 years, according to the .Advertisement - story continues belowUnder former , the corporate rate was cut from 35 percent to 21 percent, according to .Biden also wants corporations to pay a global minimum tax on profits from foreign subsidiaries, which could rake in $550 billion.Trending:Investors would be targeted by a Biden proposal to tax capital gains as regular income for high-income Americans and also tax unrealized capital gains when an investor dies, which would yield $370 billion.Biden also wants to for Americans making more than $400,000 to 39.6 percent, which could raise up to $110 billion.Advertisement - story continues belowDemocrats have spent several years clamoring to raise taxes on corporations and the rich to combat widening economic inequality.Now, under President Biden, they have a shot at ushering in the largest federal tax increase since 1942.— The New York Times (@nytimes)In an analysis that appeared on the , Scott Lincicome noted Biden seems focused on undoing the Trump tax cuts, which he said could be better politics than economics.He wrote the Trump tax cuts “moved the United States in the right direction — from one of the highest corporate tax jurisdictions in the world to one that is today at least competitive with most of the developed world, in terms of both the basic tax rates on paper and the actual tax burdens imposed on U.S. corporations.“These reforms are consistent with oodles of research showing how high corporate tax rates discourage investment, economic growth, and innovation, while likely burdening U.S. workers and consumers more than those fat‐​cat capitalists we all (apparently) love to hate.”“Biden’s corporate tax plans, assuming they make it into whatever final package Congress will consider, would undo these recent improvements, raising rates and adding complexity and uncertainty at a&nbsp;precarious moment for the U.S. economy,” he wrote.Advertisement - story continues belowOthers are also lining up against the Biden tax increase.This week Biden is expected to unveil a $3.5 TRILLION dollar tax hike.The middle class, without a doubt, is going to bear the burden of these job-killing tax increases.I guess massive tax hikes are his version of promises made, promises kept.— Lauren Boebert (@laurenboebert)Related:“He wants a massive tax increase and he wants to allocate the tax responsibility in this country, on the basis of class,” said Republican Sen. John Kennedy of Louisiana, according to . “That’s a hell of a way to make tax policy. Sound tax policy is made on the basis of economics.”Advertisement - story continues belowWill raising taxes halt economic recovery?Yes: 96% (2299 Votes)No: 4% (107 Votes)Even some moderate Democrats are squeamish.“We need to be careful not to do anything that’s too big or too much in the middle of a pandemic and an economic crisis,” said Democratic Rep. Josh Gottheimer of New Jersey, according to .“It’s got to be responsible and both parties need to be at the table. This can’t just be jammed through without input and consideration from the other side.”Submit a Correction →We are committed to truth and accuracy in all of our journalism.Tags:, , , , ,AdvertisementA vulnerable Democratic senator refused to answer basic questions about Joe Biden in a local news interview.Kenneth Starr, whose probe of former President Bill Clinton led to the then-president's impeachment, has died at the age of 76.King Charles III was hardly named king before giving this big indication his reign will be nothing like his mother's.Democrats compared Republicans to radical Islamic terrorists, and Gabbard's criticism of those suggestions was pointed.New York Times attempts to present return-to-work policies, but workers balk at the requirements and the lack of increase in their wages.The conservative host described the 'unlawful' demand in the subpoena, saying, 'It shocks the conscience of everyone who sees it.'Armed with a scriptural understanding of God’s wrath, we can and should be working to chart a better course for our nation’s future.On a day the White House chose to celebrate the 'Inflation Reduction Act,' reality had a way of breaking up the party.State troopers and medical personnel rushed to the site of the head-on collision, but he was declared dead at the scene.Winfrey's calls for 'healing' rang hollow as a bell after she helped Prince Harry and Meghan Markle throw the royal family under the bus.

AdvertisementAdvertisementAdvertisementAdvertisementCorporations will be front and center as President Joe Biden seeks to raise taxes, according to a new report.According to , Biden will focus on four major tax increases as he looks for ways to fund infrastructure and social welfare programming. Collectively, the major areas would provide $1.8 trillion toward spending plans that range from to $5 trillion.The biggest hit will be an increase in the corporate tax rate from 21 percent to 28 percent. The increase would raise $730 billion over 10 years, according to the .Advertisement - story...

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Report: Biden Plans to Enact Four Tax Increases to Fund Massive Spending Plans

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